10-Q Filing

AVNET INC CIK: 8858 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0000008858-23-000039`
Period End Date	20230930
Filing Date	20231103
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	avt-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 32 Cash Flow Statement 56 Stockholders Equity 22 Comprehensive Income 8

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$288.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$278.68M	USD	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$4.76B	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	91.50M	shares	Point-in-time
Receivables	`AccountsReceivableNetCurrent`	$4.68B	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	90.98M	shares	Point-in-time
Inventories	`InventoryNet`	$5.47B	USD	Point-in-time
Inventories	`InventoryNet`	$5.76B	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$233.80M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$197.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.75B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.91B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$470.97M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$441.56M	USD	Point-in-time
Goodwill	`Goodwill`	$780.63M	USD	Point-in-time
Goodwill	`Goodwill`	$759.85M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$221.70M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$220.66M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$282.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$283.85M	USD	Point-in-time
Total assets	`Assets`	$12.48B	USD	Point-in-time
Total assets	`Assets`	$12.65B	USD	Point-in-time
Short-term debt	`DebtCurrent`	$70.64M	USD	Point-in-time
Short-term debt	`DebtCurrent`	$68.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.37B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.45B	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$722.41M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$753.13M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$53.66M	USD	Point-in-time
Short-term operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$51.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.25B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.29B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.99B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.10B	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$190.62M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$186.75M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$244.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$297.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.73B	USD	Point-in-time
Total liabilities	`Liabilities`	$7.82B	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 90,983,772 shares and 91,504,053 shares, respectively	`CommonStockValue`	$90.98M	USD	Point-in-time
Common stock $1.00 par; authorized 300,000,000 shares; issued 90,983,772 shares and 91,504,053 shares, respectively	`CommonStockValue`	$91.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.69B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.70B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.53B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.38B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-409.38M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-503.14M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.19B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.02B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.82B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.75B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$12.65B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$12.48B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.75B	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.34B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$5.59B	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$5.98B	USD	1 Quarter
Gross profit	`GrossProfit`	$748.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$768.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$477.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$487.29M	USD	1 Quarter
Restructuring, integration and other expenses	`RestructuringIntegrationAndOtherCharges`	$7.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$290.54M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$253.77M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$5.96M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$323.00K	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$45.10M	USD	1 Quarter
Interest and other financing expenses, net	`InterestExpense`	$70.80M	USD	1 Quarter
Gain on legal settlements and other	`GainLossRelatedToLitigationSettlementAndOther`	$86.50M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$245.76M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$275.43M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$61.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$66.16M	USD	1 Quarter
Net income	`NetIncomeLoss`	$209.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.96	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$2.29	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$2.25	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.93	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	91.50M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	94.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	93.18M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.64M	shares	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.29	USD	1 Quarter
Cash dividends paid per common share	`CommonStockDividendsPerShareCashPaid`	$0.31	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$209.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$20.64M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$19.64M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$878.00K	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$2.75M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$13.14M	USD	1 Quarter
Amortization of Operating Lease Assets	`AmortizationOfOperatingLeaseAssets`	$13.27M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.30M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-5.58M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$8.92M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.36M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-8.22M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$20.17M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$419.85M	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-30.19M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$371.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$559.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$120.94M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$111.49M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-16.84M	USD	1 Quarter
Accrued expenses and other, net	`IncreaseDecreaseInAccruedLiabilities`	$-50.18M	USD	1 Quarter
Net cash flows used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-41.29M	USD	1 Quarter
Net cash flows used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-645.15M	USD	1 Quarter
Borrowings (repayments) under accounts receivable securitization, net	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$-92.10M	USD	1 Quarter
Borrowings (repayments) under accounts receivable securitization, net	`ProceedsFromRepaymentsOfAccountsReceivableSecuritization`	$152.20M	USD	1 Quarter
Borrowings under senior unsecured credit facility, net	`ProceedsFromNotesPayable`	$243.61M	USD	1 Quarter
Borrowings under senior unsecured credit facility, net	`ProceedsFromNotesPayable`	$701.99M	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$85.43M	USD	1 Quarter
Repayments under bank credit facilities and other debt, net	`RepaymentsOfLinesOfCredit`	$133.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$152.41M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$24.32M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$27.00M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$28.32M	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-964.00K	USD	1 Quarter
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.41M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$100.15M	USD	1 Quarter
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$588.38M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.21M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$76.09M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-7.30M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-300.00K	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-75.79M	USD	1 Quarter
Net cash flows used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.91M	USD	1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.38M	USD	1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.86M	USD	1 Quarter
decrease	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-72.81M	USD	1 Quarter
decrease	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.55M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$288.23M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$153.69M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.68M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$288.23M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$153.69M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$278.68M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.19B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.02B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.82B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Beginning Balance	`StockholdersEquity`	$4.75B	USD	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	91.50M	shares	Point-in-time
Shares issued Beginning Balance	`CommonStockSharesIssued`	90.98M	shares	Point-in-time
Net income	`NetIncomeLoss`	$209.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-191.80M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-93.76M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$28.32M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$27.00M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$147.90M	USD	1 Quarter
Repurchases of common stock	`StockRepurchasedDuringPeriodValue`	$27.04M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$10.77M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$9.01M	USD	1 Quarter
Shares issued Ending Balance	`CommonStockSharesIssued`	91.50M	shares	Point-in-time
Shares issued Ending Balance	`CommonStockSharesIssued`	90.98M	shares	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.19B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.02B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.82B	USD	Point-in-time
Stockholders' Equity Attributable to Parent, Ending Balance	`StockholdersEquity`	$4.75B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$209.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$184.26M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-9.87M	USD	1 Quarter
Pension adjustments, net	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.47M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-191.80M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-93.76M	USD	1 Quarter
Total comprehensive income (loss), net of tax	`ComprehensiveIncomeNetOfTax`	$115.51M	USD	1 Quarter
Total comprehensive income (loss), net of tax	`ComprehensiveIncomeNetOfTax`	$-7.54M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.